Austin Klar defends San Francisco's Presidio Trust against Trump's order to eliminate it, noting the nonprofit hasn't received federal funding since 2013 and maintains a 3% vacancy rate while the city's office vacancy hits 36%. He argues the Trust is financially self-sufficient and the order won't disrupt park operations.
President Trump is at war with San Francisco's Presidio, and it doesn't really make a lot of sense. He issued an executive order calling for the Presidio Trust that runs the park to be eliminated to the maximum extent consistent with applicable law, purportedly as part of efforts to improve government efficiency and reduce bureaucracy. Except the Presidio is the paradigm of efficiency and should be a model for all government-owned ventures. It hasn't received annual contributions from Congress since 2013, and nearly all of the park's operating expenses come from income generated by commercial and residential leases and park visitors. In fact, at a time when San Francisco's commercial office vacancy rate is around 36%, the Presidio only has about 3% vacancy. It's 97% occupied. And it makes complete sense why. Residential and corporate tenants love having this incredible park space nearby with A+ food, views, open green space, and proximity to so many other great parts of the city. I don't think the order makes a lot of sense. And at least in good news for San Francisco residents, it sounds like operations will continue as normal at Presidio. Send this to someone who loves the Presidio as much as I do, and follow me for more Bay Area real estate.
